Senators argued in public over a broad range of measures, including an attempt to prevent California getting federal bail-out money, while aides worked in private to hammer out a single “manager’s amendment” that will be the last opportunity for changes.

The legislation, which would be the second major new law of President Barack Obama’s tenure after healthcare reform, provides for a sweeping overhaul of US finance that would force the largest institutions to spin off their riskier operations..."

The FT goes on to note that an attempt by New Hampshire Republican senator, Judd Gregg, to place limits on federal bailouts to states was voted down by Senators who opposed the proposal. You'll also find details on measures in the bill that the financial industry is fighting to keep out or limit.

Forbes opines, "Wall Street Overhaul Not Bad for Wall Street", noting that the FIRE sector of the economy (finance, insurance, and real estate) has spent $123 million so far in 2010 to "influence policy makers", and that their push has helped Wall St. shape certain aspects of the reform bill to their liking.

This, "Financial Reform Amendment Scorecard" is also a very handy resource and overview of the major areas of proposed legislation including consumer protection, card fees, a spin off of FDIC-insured banks' derivatives trading activities, and the "Volcker rule" on proprietary trading at big banks.